1. Field of the Invention
Embodiments of the present disclosure relate to inventory management systems and methods, and more particularly to a system and method for managing product returns.
2. Description of Related Art
Product returns have gained greater attention as companies better understand the impact of return management on their business operations and customer relationships. In an effort to improve current returns management, certain solutions are required since more problems are identified in the field of product returns. One example involves returns of products from retail stores, through merchandisers and carriers, to manufacturers or product suppliers. A merchandiser is a company that provides services to businesses that sell products through retail stores. Typically, merchandiser services include verifying placement of the products, auditing stock levels, adding new products, and removing old products.
Throughout the current process of product returns, the product manufacturer has no visibility of the returned products. Until the returned products are received and all of the associated bills are finalized, the manufacturer will not know how many products are coming back to the warehouse, when these products will be received, or how much shipment cost it will be. Such receiving delays and reconciliation errors may significantly increase the manufacturer's operating costs.
What is needed, therefore, is an improved system and method for managing product returns to overcome the above-stated problems and facilitate returns management of product returns.